VILNIUS, Lithuania, Aug. 07, 2023 (GLOBE NEWSWIRE) -- Digital health and wellness company Kilo Health continues to demonstrate confident growth, ending last year with €213 million and almost doubling its revenue compared to 2021. Profits also increased by over 50% during the year, reaching €10 million. Plans for this year include further expansion and significant investment in the development of existing and new products.
According to Tadas Burgaila, CEO and co-founder of Kilo Health, the company's impressive revenue and profit growth is a strong motivation to keep up the pace.
"We may be a somewhat unconventional startup that has never attracted outside investment, so we strive to grow by reinvesting our profits and leveraging our existing infrastructure. We see that this strategy is paying off – successful investments and the development of ongoing projects contributed to the group's overall revenue growth in 2022," says the CEO about the consistent, success-driven business strategy.
Burgaila identifies the focus on developing new products and improving solutions for chronic diseases as key growth drivers.
"Last year, we paid a lot of attention to chronic diseases and creating solutions for their prevention and management. We invested in this area because we believe it's where we can create the most value and deliver world-class innovation, particularly in diabetes and heart disease. For example, we have invested in innovations such as the smart blood pressure monitor," the CEO explains.
The health tech startup has also invested in nutritional supplements to improve bowel function and boost immunity. According to Tadas Burgaila, the aim is to create an ecosystem in which Kilo Health's products complement each other, increasing consumer engagement and improving service quality. In 2022, considerable focus was also placed on expanding sales channels, contributing to growth.
As results improved, the Kilo Health team expanded. In 2022, the company hired 289 new employees, ending the year with a team of 678 specialists.
This year, according to Burgaila, the company will continue to look for new ways to help people live healthier lives, with a focus on developing new products and exploring new niches in the healthcare sector that lack technological solutions. To this end, the company has planned to invest tens of millions of euros this year.
In light of market trends, Kilo Health has also decided to focus on process efficiency this year. "We are slightly restructuring the company, giving the managed units more freedom and autonomy. This will prepare us for a new stage of sustainable growth, where we will reinvest our profits," the CEO explains.
The newly established Mergers and Acquisitions (M&A) division is also expected to make a significant contribution to this year's results. Burgaila states that this division looks very promising in the current market conditions. In the past, the company has already invested in startups, but now with a dedicated division, more attention and energy will be focused on this area.
About Kilo Health
Kilo Health is a digital health and wellness company with more than 5 million customers worldwide. Since 2021, it has been listed as the second fastest-growing company in Europe on the Financial Times FT 1,000 and the second fastest-growing company in Central Europe on the Deloitte Technology Fast 50 list.
Currently, the company has 700+ experts and offices across 7 European cities. Kilo Health's portfolio contains over 30 innovative digital health products in chronic disease management, mental health improvement, and healthy habit change.
Contact:
Monika Jura Jakuciuniene
Head of Communications
monika.jura@kilo.health
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/5142e40e-4ae9-4467-a6ba-97e57d2eb472
